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GBP/USD Technical Analysis: Stuck in the middle of one-week-old trading range

   •  The pair has been oscillating within a broader trading range over the past one week or so, forming a rectangular chart pattern on the 1-hourly chart.

   •  The pair's inability to build on its recent rebound from yearly lows and the subsequent range-bound price action suggests indecision over the near-term trend.

   •  The fact that the pair has managed to hold above important intraday moving average - 200-hour SMA, support prospects for some additional near-term gains.

   •  Bullish technical indicators on hourly charts further add credence to the constructive outlook, though are remained in the bearish territory on the daily chart.

   •  Hence, it would be prudent to wait for a convincing breakthrough the mentioned trading range before positioning for the pair’s next leg of a directional move.

GBP/USD 1-hourly chart

GBP/USD

Overview:
    Today Last Price: 1.2668
    Today Daily change: 42 pips
    Today Daily change %: 0.333%
    Today Daily Open: 1.2626
Trends:
    Previous Daily SMA20: 1.2686
    Previous Daily SMA50: 1.2836
    Previous Daily SMA100: 1.2909
    Previous Daily SMA200: 1.3225
Levels:
    Previous Daily High: 1.2698
    Previous Daily Low: 1.2618
    Previous Weekly High: 1.2708
    Previous Weekly Low: 1.2574
    Previous Monthly High: 1.3176
    Previous Monthly Low: 1.2723
    Previous Daily Fibonacci 38.2%: 1.2648
    Previous Daily Fibonacci 61.8%: 1.2667
    Previous Daily Pivot Point S1: 1.2597
    Previous Daily Pivot Point S2: 1.2567
    Previous Daily Pivot Point S3: 1.2517
    Previous Daily Pivot Point R1: 1.2677
    Previous Daily Pivot Point R2: 1.2728
    Previous Daily Pivot Point R3: 1.2757

 

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